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Wednesday, 03 February 2016 06:15 Written by

Latest news ‏ 03-02-2016by FXFINPRO Capital

 

Forex forecasts

02.02.2016 - We expect further growth of USD/JPY

The price of USD/JPY corrected down to the support level at 120.20, which quotations have broken through earlier. Further fall is limited by the lower boundary of the ascending channel. In case of continued upward trend, the nearest target levels are 121.50, 122.30 and 123.60. We expect growth of price in the medium term and recommend holding long positions with the stop below 119.00.

 

Forex and CFD

02.02.2016 - ​Technical view

Currencies trading and euro. The price of EUR/USD continued to rise after almost reached the strong support level at 1.0800 and rebounded upwards. Currently quotes are around the level of 1.0900 and in the case of continued upward trend may continue to rise to a strong resistance level at 1.0985, the overcoming of which is unlikely. Current growth may continue in the near future, but we expect the resumption of the negative dynamics with a potential decline to 1.0700 and 1.0550. Our medium-term view also remains negative.

Nearest resistance levels: 1.0900, 1.0985, 1.1050, 1.1080, 1.1200, 1.1350, 1.1450

Nearest support levels: 1.0800, 1.0700, 1.0550, 1.0500, 1.0450, 1.0200

Currencies trading and British pound. The..

 

02.02.2016 - RBA has left interest rates at 2.0%

Currency trading and the euro. The price of euro shows growth against the US dollar amid weak statistics from America. Thus, the manufacturing PMI in January was 48.2, which is 0.4 below analysts' forecasts. Personal consumer spending did not grow on a background of warm weather, which reduced the cost of utilities and a reduction in car sales. It should be noted that a representative of the ECB Benoit Kere said about the probable revision of the parameters of ECB on monetary policy meeting in March, which will have a strong negative impact on the euro. Today will be published important statistics on unemployment in the Eurozone (10:00 GMT). The main event of this week will be publication of a report on the US labor market on Friday. We expect a soon resumption of the negative dynamics of the euro, but the current growth can continue in the near future.

 

Experts' opinion

02.02.2016 - Quotes of oil according to our forecasts will update the lows in the near future

The price of futures for Light Sweet crude oil continues to show a negative trend after last week showed growth against the backdrop of speculation about a possible consensus among OPEC and Russia on reducing the volume of oil production to stabilize oil prices. These statements have not been confirmed in OPEC, which, together with the deterioration of macroeconomic indicators in the US and China, led to a decrease in oil quotations. We maintain a medium-term negative outlook on oil targets for 28.00 and 25.00 and recommend holding short positions with a stop above 35.00.


 

Source: https://fxfinpro.com

Read 200 times Last modified on Wednesday, 03 February 2016 16:14

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